Chinese online recruitment service 51job.com (JOBS) has updated revenue guidance and provided earnings targets for the first quarter ending March 31, 2007.
"Our initial assessment of the post-Chinese New Year recruitment period is positive," said Rick Yan, president and chief executive officer of 51job.com. "Based on currently available data, we believe that market demand for recruitment advertising services is stronger than the comparable periods in 2005 and 2006. While we have revised our revenue guidance upward, we are aggressively investing in sales and marketing activities and product development to strengthen our market position. We believe this is an encouraging start to 2007."
Based on current market demand and operating conditions, the company is increasing guidance and now expects first quarter 2007 revenues in the estimated range of CNY192 to CNY202 million.
The company also said that co-founder Michael Lei Feng is moving from his position as Senior Vice President to a strategic advisor of the company, and that David Weimin Jin has been promoted to senior vice president of sales.